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Rockett launches new property fund in UK

JOHN Rockett of AIB Private Banking is to launch his third UK property investment fund in alliance with Tony Kilduff, the tech millionaire, bringing the total invested by the two in British property to €175m.

The fund will invest €80m, of which €24m is being raised from investors with the balance made up by borrowings. The fund is aimed at individuals prepared to take a long-term view on this investment, with a minimum entry level of £50,000 (€73,500).

Rockett said: “In the first fund, we raised €15m from shareholders and borrowed €45m, and in the second we raised €17m from shareholders and borrowed about €50m. The first fund closed in June 2001, while the second one was launched last year, so we are doing one a year.”

Rockett’s funds are managed by Cheval Properties, in which Kilduff is a major shareholder and chairman. Kilduff and Rockett are also directors of